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East Diaoyutai complex tops Beijing's housing price

By Hou Lei (chinadaily.com.cn)
Updated: 2009-07-13 17:20

With an average price of 72,800 yuan (US$10,659) per sq m, the East Diaoyutai complex in Beijing has become the most expensive residential compound in the Chinese capital in the second quarter of 2009, media reported Monday.

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The complex, located near the Yuyuantan Park of Haidian district in downtown Beijing, opened bookings for 87 of its luxurious units in Q2 and four of them have been booked.

The average price of commodity houses in Beijing stood at 13,302 yuan (US$1,950) per sq m in June, up by 27 percent since January. In the first five months, both property prices and sales of commodity housing increased in Beijing.

Zhang Shuang, president of bjfang.com, a major website providing real estate information, said the downturn of the real estate market in 2008 and government's stimulus policies since last October led to sales increase this year.